Flipkart Marked Down Yet Again by Morgan Stanley

Flipkart is going through some rough phase. The company’s losses are doubled, top level executives have quit, they’re unable to raise fresh funds and now Flipkart’s valuation is markdown!

A mutual fund managed by Morgan Stanley has slashed the value of its Flipkart shares by another 38.2%, pegging the valuation of India’s most biggest retailer at $5.54 billion in the most significant markdown till now.

This was a consecutive sixth time that Flipkart is marked down by Morgan Stanley since June 2015. Recently SoftBank Group also marked down the e-commerce giants. It will definitely have adverse effects while raising the fresh funds.

A Flipkart spokesperson said in an emailed response, mutual fund mark-to-market is a purely theoretical exercise and is not based on any real transactions. “We are seeing a strong traction in our business momentum and operating performance. We continue to be focused on innovating for the customer, growing the market and executing on our long-term growth agenda,” the statement said. Source- ET

Curious, Keen Observant & Dynamic! Chinmay finds peace in meeting people who work hard for humanity. He has new found interest in Gadgets and Techs and at Techstory he gets to write about it! Reach out at- chinmay@techstory.in